New Jersey got off easy in its settlement with the SEC, and the agency needs to do more to crack down on municipal bond abuses – which are commonplace – Arthur Levitt writes. Congress had a chance to strengthen SEC enforcement of the muni market but took a pass, he says, so reform likely must [...]
Morgan Stanley, which had anticipated a 5.5% yield on 10-year Treasurys, issues a mea culpa, acknowledging that its forecast for rising yields this year was misguided. “We got our rates call wrong and missed a great opportunity to be long bonds this year,” Jim Caron says, now advising clients to buy shorter-term Treasurys. 1 comment!
On the hour: S&P -0.32%. 10-yr +0.21%. Euro flat vs. dollar. Crude -0.22% to $75.57. Gold +0.06% to $1217.40. Post your comment!
Way too many people are way too complacent this summer, Brett Arends writes, citing 10 reasons to be very, very worried. Post your comment!
Bill Gross’ Total Return Fund reduced holdings of U.S. government-related debt in July to 54% of assets from 63% in June, and boosted its share of emerging-market debt to 11% and mortgage debt to 18%. Gross’ current sweet spot is in the three- to 10-year part of the curve in another example of Fed “anticipation,” [...]
As the battle rages over the Bush tax cuts, a less-noticed debate is brewing over cutting the corporate tax rate, which at 35% is the second-highest in the world. Post your comment!
Ten years ago, Bernanke blistered the Bank of Japan for its caution, hiding “behind minor institutional or technical difficulties in order to avoid taking action.” BOJ faced a situation broadly similar to today’s Fed now, yet he now seems paralyzed, Paul Krugman asserts. (Bernanke’s 1999 paper: “Japanese Monetary Policy: A Case of Self-Induced Paralysis.”) 2 [...]
Six charts that show what was learned about the U.S. and global economies this week, and they don’t paint a pretty picture. Post your comment!
On the hour: S&P -0.32%. 10-yr +0.21%. Euro flat vs. dollar. Crude -0.22% to $75.57. Gold +0.06% to $1217.40. Post your comment!
BATS Global Markets receives SEC approval to operate a second U.S. stock exchange – BATS Y-Exchange, or BYX – which it expects to launch in October. Post your comment!
2010 (1924)